Geithner Asks Congress for Broad Power to Seize Firms

Geithner Asks Congress for Broad Power to Seize Firms

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Geithner said such authority would have allowed the government to bail out AIG last year at a far lower cost to taxpayers, a position backed by Federal Reserve Chairman Ben S. Bernanke.

"Banks also failed in 2008," Frank said. "But the fact is that we have in place mechanisms . . . that contained the damage. . . . We need to give somebody, somewhere, in the federal government. . . the authority to do what the FDIC can do with banks

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When they start writing laws mandating insurance, and punishing people for early withdraw of 401k plans, and the numerous other controls over ordinary people, than these institutions should be subject to the same exposure. This is just the beginning of the reforms needed in these sectors that have been robbing the public blind.

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FYI....

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